Martedì, 23 Ottobre 2018

MPS chairman blasts former managers at troubled bank


La Bagnaia, May 24 - The chairman of Italy's
troubled Monte dei Paschi (MPS) bank on Friday blasted former
managers for covering up serious problems.
"(Several former managers) decided to hide problems in
order to hold on to their positions. They made choices outside
the rules, cut corners and covered up problems," said Alessandro
Profumo. "They took advantage of weak people who didn't have the
courage to say certain decisions were mistaken".
MPS, the world's oldest bank, has been mired in massive
financial losses and allegations of fraud that broke open in
It has since emerged that a previously undisclosed series
of derivative and structured-finance deals produced losses of
around 720 million euros.
Several former MPS top brass, including ex-chairman
Giuseppe Mussari, are under investigation for crimes including
market manipulation, fraud, obstructing the work of banking
watchdogs and issuing false statements.
Italy's third-largest lender has been mired in scandal and
controversy since it revealed massive losses of more than three
billion euros for last year.
That required a controversial government bailout worth four
billion euros, which new management at the bank has pledged to
All of these issues "could happen elsewhere in Italy," said
Profumo Friday, adding he thought the bank would successfully
recover with the help from "more income, cutting costs,
repurposing revenues, an increase in capital and repositioning
of the closer to families and small businesses".
The bank faces possible nationalization should it default.

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